The increase in interest rate from 14 percent to 15.5 percent by the Monetary Policy Committee of the Central Bank of Nigeria on Tuesday to check galloping global and local inflationary levels is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that in consideration of the galloping global and local inflationary levels, the Monetary Policy Committee of the Central Bank of Nigeria, on Tuesday, raised the benchmark interest rate from 14 to 15.5 per cent.
This represents a 150-basis-point increase from the 14 per cent rate voted during the last MPC meeting in July.
This is the third time the apex bank would be raising the Monetary Policy Rate, which is the same as the benchmark interest rate, in five months.
The MPC had raised the rate from 11.5 to 13 per cent in May, and further to 14 per cent in July, before increasing it to 15.5 per cent in a latest blow on cash-strapped Nigerian business, especially small and medium enterprises.
At the end of the MPC meeting, CBN Governor, Godwin Emefiele, told journalists that 10 members voted in favour of the rate hike.
The cash reserve ratio (CRR), which means the share of a bank’s total customer deposit kept with the central bank as cash, was also raised to 32.5 percent, from 27.5 percent since July.
The newspaper says that data from the Federal Government on Tuesday indicated that the collapse of the national electricity grid that occurred the preceding day led to the crash in power generation from 3,713.1 megawatts to 38MW.
Industry figures obtained from the Federal Ministry of Power showed that power generation on the grid as at 6am on Monday was 3,713.1MW, but this plunged to 38MW around 10.51am.
The PUNCH had reported on Tuesday that Nigeria suffered another nationwide power outage on Monday morning after the national electricity grid collapsed for the seventh time in 2022.
Following the development, power consumer groups called for sanctions against operators or firms culpable of the incessant grid collapse that had characterised Nigeria’s electricity system since this year.
The report further stated that industry figures seen on Monday indicated that power generation on the grid had risen to a peak of 4,100.80 megawatts on Sunday. It dropped to 3,713.1MW at 6am on Monday.
But the latest data obtained by our correspondent on Tuesday showed that power generation on the national grid crashed to 38MW, which was the off-peak generation figure on Monday, while peak generation on the same day was put at 3,787.3MW.
Various power distribution companies confirmed Monday’s grid collapse, while the manager of the electricity grid – Transmission Company of Nigeria – said the crash was caused by a drop in system frequency.
Enugu Electricity Distribution Company Plc, for instance, while confirming the grid collapse on Monday, had stated that it occurred at 10:51am.
The Punch also reports that The Peoples Democratic Party will on Wednesday (today) inaugurate its 2023 Presidential Campaign Council in Abuja, the nation’s capital, as political campaigns officially begin in line with the elections timetable stipulated by the Independent National Electoral Commission.
The PDP presidential candidate, Atiku Abubakar, and the campaign council members are expected to storm the International Conference Centre, Central Area, Abuja, the venue of the PCC inauguration.
The party had said it would go on with its campaign programmes despite the withdrawal of Rivers State governor, Nyesom Wike, and other political heavyweights from the council.
Expected at the ceremony are governors elected on the platform of the party, former presidents and vice-presidents, ex-ministers, serving and erstwhile senators as well as incumbent and former house of representatives members.
The PUNCH gathered that ahead of the inauguration, newly appointed special envoy to the presidential candidate, Dr Bukola Saraki has launched fresh moves to woo the pro-Wike group in a bid to broker peace.
While Atiku is preparing a grand inauguration of his presidential campaign which will also include a book launch after the PCC inauguration, the All Progressives Congress candidate, Bola Tinubu and his Labour Party counterpart, Peter Obi, have postponed the inauguration of their campaign councils.
The Guardian says that the Federal Government, yesterday, got report of the Independent Investigative Panel on Human Rights Violation by the defunct Special Anti-Robbery Squad (SARS) and other Units of the Nigeria Police Force (IIP-SARS) raised two years ago.
Presenting the report, the chairman, Justice Suleiman Galadima (rtd), said on two occasions, the panel awarded compensations to some victims in view of the mood and anxiety of the petitioners.
He urged the National Economic Council (NEC), which ordered the establishment of the panel, to ensure implementation of its report.
Receiving the document on behalf of the Federal Government, Executive Secretary of the National Human Rights Commission (NHRC), Tony Ojukwu (SAN), noted that compensation payment was just one step on the road to justice.
He said: “There is still the need to hold indicted officers of the Nigeria Police Force (NPF) accountable for these violations. In this regard, I welcome the decisions and indictments issued by the Justice Galadima panel and I want to assure Nigerians and the victims and their families that NHRC will do everything possible to ensure that the decisions are implemented.
“We will study these recommendations and work with the NPF, relevant committees in the National Assembly, civil society and development partners to implement these reforms.”
Highlights of the report, according to the panel secretary, Hillary Ogbonna, were that a total of 295 petitions were received, 95 decided and 33 struck out.
He added that 54 complaints were withdrawn, 57 referred to NHRC, while 56 others were judgment petitions. On police indictment, 72 police officers were found wanting in various human rights infractions. While 25 officers were recommended for dismissals, 15 others are to suffer reduction in ranks.
A fact sheet released by the commission indicated that 39 petitioners of extra-judicial killings got N220 million compensation, among others.
The newspaper reports that President Muhammadu Buhari has assured that participation of citizens in democracy will continue to be encouraged through freedom of speech and robust political discourse, even as he urged respect for divergent cultures and opinions.
Receiving Letters of Credence from Ambassadors and High Commissioners of six countries, at the State House, in Abuja, yesterday, the President told the diplomats that Nigeria’s strength remains in its diversity.
The Ambassadors and High Commissioners of the Republic of India, Mr. Gangadharan Balasubramanian; Germany, Mrs. Annett Gunther; Sudan, Mr. Mohamed Yousif Ibrahim Abdelmannan; Democratic Republic of Congo, Mrs. Gerengbo Yakivu Pascaline; State of Palestine, Abdullah M.A. Abu Shawesh and The Kingdom of Netherlands, Mr. Willem Wouter Plomp, presented their Letters of Credence to Buhari.
He advised: “As you settle down to your diplomatic responsibilities, you will realise how diverse Nigeria is. We are not only multi-ethnic and religious but also multi-cultural.
“We enjoy unfettered freedom of speech and engage in robust political discourses. Sometimes, the nature of these discourses, tend to give the impression that we are constantly opposed to each other.
“The reality is that there is so much that bind us together than the few areas of our divergence. I have no doubts in my mind that you will soon appreciate our uniqueness and indeed resilience as a people, as well as our diversity which constitutes our strength.”
Buhari urged the diplomats to build on the existing good relations their predecessors achieved and be more proactive in engagements.
GIK/APA